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Redfin: Houses are selling within a week of listing for sale

Posted at 11:57 AM, Apr 12, 2021
and last updated 2021-04-12 16:51:24-04

With record-breaking demand and homes in short supply, prospective buyers are trying not to get burned during the current skyrocketing priced housing market.

Home prices are rising at their highest rate in 15 years with demand so intense Redfin reports nearly half of its homes are selling within a week of hitting the market.

The spike is a result of the pandemic as more people work from home, mortgage rates drop, and millions of millennials now enter their home-buying years.

Agent Tracy Tutor says despite the competition, now is the best time to buy a new home and a tip for buyers is to use an escalation clause.

That clause means you're willing to pay a certain amount more if the seller receives a higher offer from someone else.